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3 Sabin Questions Idea (what is it – what is appealing) Idea (what is it – what is appealing) What is original (unique advantage) What is original (unique advantage) What have you done so far (stage) What have you done so far (stage) Next steps – what do you need to do? Next steps – what do you need to do? What is the environmental benefit? What is the environmental benefit? Who is on your team? Who is on your team? How much $ do you need? Use of prize? How much $ do you need? Use of prize?

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8 More Unattractive Choices Consulting Consulting > Not scalable > Not scalable > No need to raise $ from others > No need to raise $ from others Some International Businesses Some International Businesses > Depends on your access > Depends on your access > Also, perspective of the judges > Also, perspective of the judges

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9 Avoid Ideas with Large Capital Requirements Need to buy an island?

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10 Consider... Do you have: The skills to make the venture happen? The skills to make the venture happen? Or, an in to acquire those skills? Or, an in to acquire those skills? If not, your application is just creative writing

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11 Most Important Question If the idea is so great... If the idea is so great... Why hasnt anyone done it before? Why hasnt anyone done it before? Might be – Technology didnt exist before Might be – Technology didnt exist before Might be – it just wont work! Might be – it just wont work!

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12 The Best Ideas Come from your own experiences School, jobs School, jobs Hobbies, family Hobbies, family A problem youve faced A problem youve faced

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13 Themes of the Day You want to communicate an idea that: Addresses a big, exciting opportunity Addresses a big, exciting opportunity In a new, unique, innovative way In a new, unique, innovative way That is feasible and believable That is feasible and believable With great people on your team With great people on your team To Win Contests (or Raise $)

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17 Caution: Look at the Right Market! GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website. GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website. Cleaning product sales in the US were $28 billion in 2009.

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19 Research the Interest Who are the customers? Who are the customers? How many are there? How many are there? What do they want? What do they want? What can you do for them? What can you do for them?

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20 Caution: Dont Assume! Your ideas about customer have little value Your ideas about customer have little value You want to win contests…. You want to win contests…. Do research! Do research! Do interviews & surveys! Do interviews & surveys! Get someone to sign up! Get someone to sign up!

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21 Caution: Get the Customer Right! GreenCleaning will sell its own brand of environmentally friendly cleaning products – in retail stores. GreenCleaning will sell its own brand of environmentally friendly cleaning products – in retail stores. Who is the customer? Who is the customer?

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22 Caution: Get the Customer Right! The customer = stores The customer = stores Stores customers = consumer Stores customers = consumer You must appeal to the consumers You must appeal to the consumers But you also must understand customer needs – and meet them But you also must understand customer needs – and meet them

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23 Caution: Get the Customer Right GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website – for a commission. GreenCleaning.com will sell all brands of environmentally friendly cleaning products – on one website – for a commission. Who is the customer? Who is the customer? Cleaning product companies Cleaning product companies

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24 Testing Customer Interest Develop a one page product description Develop a one page product description What does it do ? What does it do ? How does it work ? How does it work ? List the main features List the main features List main benefits -- to customers List main benefits -- to customers

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26 Find Out: > Do they like your product ? > Do they like your product ? > Will they buy/use it when it is ready ? > Will they buy/use it when it is ready ? > Will they pay the price youre asking? > Will they pay the price youre asking? > Do they have any issues / concerns ? > Do they have any issues / concerns ?

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30 What is Innovative? How is your idea – unique? How is your idea – unique? Different from the competition? Different from the competition? Different – from alternatives? Different – from alternatives?

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31 The Competition Who are the competitors ? Who are the competitors ? How do they compete ? How do they compete ? How are you different ? How are you different ?

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32 What is Innovative? Always more competition - than you think Always more competition - than you think Compare major features of your product Compare major features of your product > To all competitors products > To doing things the old way > To doing things the old way

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34 Caution: Be Objective! You saying you are better = little value You saying you are better = little value You want to win contests...! You want to win contests...! Why, objectively, are you better? Why, objectively, are you better? Did customers say you were better? Did customers say you were better? Admit where you are not better Admit where you are not better

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36 Beware the Status Quo People hate to change People hate to change Or to pay -- for what was free Or to pay -- for what was free

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37 Key Avenues For Investigation Why has no one done this before ? Why has no one done this before ? Technology didnt exist? Technology didnt exist? New regulations or incentives? New regulations or incentives? It wont work for some reason….? It wont work for some reason….?

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43 Talking to customers: 450 chefs and 150 retailers 450 chefs and 150 retailers Most prefer environmentally friendly fish Most prefer environmentally friendly fish Local restaurant owner: customers care Local restaurant owner: customers care Wholesaler: Not enough good farms Wholesaler: Not enough good farms EcoFish: I will buy all you have to sell EcoFish: I will buy all you have to sell

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44 Competition 96% of tilapia 96% of tilapia – imported, mostly frozen, not organic Most US farm-raised Most US farm-raised – small, not organic The Good Fish tilapia will be more expensive vs. competitors

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46 Demonstrate: You have a detailed strategy You have a detailed strategy Youve made some moves Youve made some moves You know what the next ones are You know what the next ones are

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47 Issues to Cover 1. How will you make your product? 2. How will you get customers to buy it? 3. How will you start – and expand? 4. Who will run your business?

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48 Make a List What are your product inputs? What are your product inputs? What kind of facilities do you need? What kind of facilities do you need? What is your production plan? What is your production plan? How will you deliver to customers? How will you deliver to customers? How will you provide ongoing service? How will you provide ongoing service? How will you handle HR, finance, legal? How will you handle HR, finance, legal? Research the answers!

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49 People might be your main input Skilled managers Skilled managers Customer service Customer service Engineers, scientists, IT Engineers, scientists, IT Support functions Support functions

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50 People Issues What skills should they have? What skills should they have? How many people will you need – to start? How many people will you need – to start? How many – as you grow? How many – as you grow? Where will you find them? Where will you find them?

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54 How to Decide? Complicated or Simple? Complicated or Simple? Must be test driven? Must be test driven? Expensive or Cheap? Expensive or Cheap? Custom or Standard? Custom or Standard? What Kind of Sale Are You Making?

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55 Sales Force is Probably Necessary If the Sale: Involves education Involves education Requires a lot of customization Requires a lot of customization Is expensive or risky Is expensive or risky

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60 Web Sites Not a sales tool, on its own Not a sales tool, on its own Must drive people to it Must drive people to it Search engine optimization? Search engine optimization? Buying key words? Buying key words?

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62 Develop Partnerships New homeowners – Real estate agents New homeowners – Real estate agents For kids programs -- Schools For kids programs -- Schools People with health conditions – Doctors People with health conditions – Doctors Churches, libraries, nonprofits Churches, libraries, nonprofits Keep in Mind: They will only partner with you if there is something in it for them!

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63 Find Out: Will they partner with you? Will they partner with you? What do they want? What do they want? A share of your Sales? An exclusive deal? To do good? Another service for their customers?

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64 Green Brides Partnering with the Wedding Institute Green Bride makes online course Green Bride makes online course Wedding Institute sells it to students Wedding Institute sells it to students Wedding Institute gets Free content Half the $ from the courses Green Bride gets Exposure to wedding planners Half the $ from the course Wedding Wire agreed to the partnership Its clear what both sides get

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66 How will you Start – and Expand? Start small Start small Prove you can do it -- then expand Prove you can do it -- then expand CT

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67 How will you Start – and Expand? Start in New Haven Start in New Haven then go to Hartford? then go to Hartford? Start with one product, then add? Start with one product, then add? Sell in one store, then more? Sell in one store, then more?

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68 What have you done so far? If youve done something – risk is lower If youve done something – risk is lower Do you have a sample product? Do you have a sample product? A first customer? A first customer? A potential customer – in writing? A potential customer – in writing?

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70 Investors will Say: Keys to Success   People   People   People !   People   People   People ! More important than everything else -- combined

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71 Your Team Who are the Yale members? Who are the Yale members? What roles will they play? What roles will they play? What skills, experience do they have… What skills, experience do they have… Directly relevant to your business Directly relevant to your business

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72 Management Strategy Key management people – skills? Key management people – skills? Who are you missing – but will hire? Who are you missing – but will hire? Advisory board or board of directors? Advisory board or board of directors?

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74 Final Words of Advice Do your homework Do your homework Use data, research – talk to customers Use data, research – talk to customers Not just your opinions Not just your opinions Try to do something – now - to risk Try to do something – now - to risk Think like an investor! Think like an investor!